Westford, USA, July 10, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Software As A Service (SaaS) market will attain a value of USD 829.34 Billion by 2031, with a CAGR of 13.7% during the forecast period (2024-2031). Software As A Service (SaaS) or Software as a Service is a cloud service that provides access to software applications through the Internet. The increasing usage of public cloud services in enterprises is one of the primary factors that is fueling the market growth. The rise in the frequency of emails, instant messaging apps, and video calls augments the need for smart devices, which in turns drives the Software As A Service (SaaS) market.
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Software As A Service (SaaS) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 296.93 Billion |
| Estimated Value by 2031 | $ 829.34 Billion |
| Growth Rate | Poised to grow at a CAGR of 13.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Deployment Mode, Enterprise Size, Application and Industry |
| Geographies Covered | North America, Europe, Asia-Pacific, Middle East & Africa, Latin America |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Rising Demand for Comprehensive Solutions |
| Key Market Drivers | Growing Investment in Cloud Services by Major Players |
Software Segment Leads the Market Thanks to Rapid Adoption of Remote and Hybrid Working Options
The software segment dominated the market as the COVID-19 pandemic spurred a rapid adoption of remote working and flexibility in workplace arrangements, changing the expectations of stakeholders and forcing organizations to embrace Software As A Service (SaaS) technologies for telecommuting, collaboration and efficiency. Also, the interest in Software As A Service (SaaS) solutions is growing, especially the ones that use AI to improve business processes. Businesses keep on adopting digital transformation across verticals which further propels the demand for analytical Software As A Service (SaaS) solutions.
Services Systems Stands as the Rapidly Growing Segment as they Offer Better Customer Experience
The services systems segment is expected to register the highest growth throughout the forecast period due to an increasing focus on customer experience, security, and compliance in the trends of Software As A Service (SaaS) servicing. Customer support and self-service technologies including chatbots and online knowledge base are some areas where Software As A Service (SaaS) providers are putting a lot of emphasis as they strive to ensure that they offer the shortest possible response time to their customers.
North America Continues to be the Leading Consumer with High Software As A Service (SaaS) Adoption Rate
North America is expected to lead the way with a market share of over 44% of the global market. The market has demand and well-established market players are a significant force driving market growth in the region. The availability of developed IT infrastructure also helps in the easy implementation of cloud-based virtual service that also boost North America’s large share in the global Software As A Service (SaaS) market. The prominent and secure internet servers of the region along with greater investment in cloud infrastructure also keep it in the forefront for the market.
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Software As A Service (SaaS) Market Insights:
Drivers
- Growing Investment in Cloud Services by Major Players
- Rising Demand for Smart Devices and their Applications
- Lower Upfront and IT Infrastructure Costs
Restraints
- Privacy Concerns Pose a Significant Hurdle for the Market
- Lack of Security for Sensitive Data
- Dependence on Internet Connectivity and Bandwidth Limitations
Prominent Players in Software As A Service (SaaS) Market
The following are the Top Software As A Service (SaaS) Companies
- Adobe Inc.
- Microsoft
- Alibaba Cloud
- IBM
- Google LLC
- Salesforce, Inc.
- Oracle
- SAP SE
- Rackspace Technology, Inc.
- VMware Inc.
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Key Questions Answered in Software As A Service (SaaS) Market Report
- At what CAGR Software As A Service (SaaS) market is growing in the forecasted period?
- Who are the leading Software As A Service (SaaS) providers in the market?
- Where will the demand for the Software As A Service (SaaS) market rapidly grow in the forecasted year?
This report provides the following insights:
- Analysis of key drivers (growing demand for better data security, rising adoption of Blockchain and IoT technologies, increasing use of decentralized systems in different industry verticals), restraints (interoperability issues with legacy systems, complexities in integration with existing infrastructure, concerns regarding scalability of gas cleaning technologies systems), and opportunities (growing demand for data monetization, rising demand for transparent yet trusted transactions), influencing the growth of Software As A Service (SaaS) market.
- Market Penetration: All-inclusive analysis of product portfolio of different market players and status of new product launches.
- Product Development/Innovation: Elaborate assessment of R&D activities, new product development, and upcoming trends of the Software As A Service (SaaS) market.
- Market Development: Detailed analysis of potential regions where the market has potential to grow.
- Market Diversification: Comprehensive assessment of new product launches, recent developments, and emerging regional markets.
- Competitive Landscape: Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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